Sponsor outlines 'CAPS Act' to phase in property tax spikes; committee questions permissive design
Representative King presented the Calculated Adjustments for Property Surges (CAPS) Act, proposing an optional three-year phase-in of sharp property valuation increases with a tax credit to smooth taxpayer impacts; members questioned whether municipalities could game requests and whether county budget commissions could serve a similar role.
The full story
Representative King provided sponsor testimony on House Bill 504, the Calculated Adjustments for Property Surges (CAPS) Act, describing it as an optional local tool to protect homeowners and communities from sudden spike-related tax burdens. King said the measure phases in large valuation-driven tax increases over three years (one-third in year one, two-thirds in year two, full increase in year three) and pairs the phase-in with a tax credit to cover the difference while preserving assessed value and local revenue over time.
Sign up to keep reading.
Your free newsletter brings you what your city council, county, and school board discussed and decided.
Keep reading for free
Create a free account to finish this story and see the video, transcript and key details.
Continue with GoogleContinue with emailAlready have an account? Log in